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Financial inclusion and monetary policy targets: Evidence from the ECOWAS countries 金融包容性和货币政策目标：西非经共体国家的证据
Modern Finance Pub Date : 2024-04-08 DOI: 10.61351/mf.v2i1.107
Tuwe Soro Garbobiya, Olajide Oladipo, Paul Terhemer Iorember
{"title":"Financial inclusion and monetary policy targets: Evidence from the ECOWAS countries","authors":"Tuwe Soro Garbobiya, Olajide Oladipo, Paul Terhemer Iorember","doi":"10.61351/mf.v2i1.107","DOIUrl":"https://doi.org/10.61351/mf.v2i1.107","url":null,"abstract":"The study examines the impact of financial inclusion on monetary policy targets in the Economic Community of West African States for the period between 2004 and 2020. To capture how a shock to financial inclusion affects monetary policy targets in the ECOWAS sub-region, the study employs panel vector autoregression via the Generalized Method of Moments framework and uses the impulse response functions. The results show that in all ECOWAS countries, financial inclusion leads to an appreciation of the local currency, thereby improving the value of the exchange rate. However, it reduces the effectiveness of monetary policy. In particular, financial inclusion increases consumer prices and interest rates. Based on the findings, the study recommends, among others, the need for a single monetary policy in the ECOWAS sub-region to properly integrate its monetary policy framework in line with the economic and monetary integration policy of the West African Monetary Zone.","PeriodicalId":347908,"journal":{"name":"Modern Finance","volume":"33 16","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140728271","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Pricing the common stocks in emerging markets: The role of economic policy uncertainty 新兴市场普通股的定价：经济政策不确定性的作用
Modern Finance Pub Date : 2024-01-31 DOI: 10.61351/mf.v2i1.93
Orbay Arkol, Asil Azimli
{"title":"Pricing the common stocks in emerging markets: The role of economic policy uncertainty","authors":"Orbay Arkol, Asil Azimli","doi":"10.61351/mf.v2i1.93","DOIUrl":"https://doi.org/10.61351/mf.v2i1.93","url":null,"abstract":"We examine the role of news-based policy uncertainty measures in capturing the cross-section of average stock returns in emerging markets. After controlling for the five established risk factors of Fama and French (FF), we find that policy uncertainty factors are redundant in capturing the average returns of portfolios constructed by considering well-known firm characteristics (size, book-to-market ratio, profitability, and investment). The pricing performance of the five factors model, both statistically and economically, does not improve with the addition of policy uncertainty factors. We argue that the news-based factors' information content is contained in FF risk factors. Our results are robust to additional test statistics and various policy uncertainty factors.","PeriodicalId":347908,"journal":{"name":"Modern Finance","volume":"635 ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140476342","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Foreign direct investment and economic growth in developing countries: The role of international trade and foreign debt 发展中国家的外国直接投资和经济增长：国际贸易和外债的作用
Modern Finance Pub Date : 2024-01-03 DOI: 10.61351/mf.v2i1.87
Simon Okaja Epor, Henry Yua, Paul Terhemba Iorember
{"title":"Foreign direct investment and economic growth in developing countries: The role of international trade and foreign debt","authors":"Simon Okaja Epor, Henry Yua, Paul Terhemba Iorember","doi":"10.61351/mf.v2i1.87","DOIUrl":"https://doi.org/10.61351/mf.v2i1.87","url":null,"abstract":"The existing literature is sparse on the role of international finance in modeling the FDI-growth nexus. This study integrates the role of international trade and external debt in the FDI-economic growth nexus for Brazil, Nigeria, and Vietnam. We apply the Autoregressive Distributed Lag (ARDL) model to annual data covering the period 1990-2021. The results show that FDI and trade have positive but insignificant effects on economic growth in all three countries. In addition, our results show that external debt hampers long-term economic growth in these countries. Based on the results, we propose country-specific recommendations that take into account specific economic and financial conditions, global market dynamics, and the long-term development goals of developing countries.","PeriodicalId":347908,"journal":{"name":"Modern Finance","volume":"6 6","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139451354","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
What will ChatGPT revolutionize in the financial industry? ChatGPT 将给金融业带来哪些革命性变化？
Modern Finance Pub Date : 2023-11-17 DOI: 10.61351/mf.v1i1.67
Hassnian Ali, A. Aysan
{"title":"What will ChatGPT revolutionize in the financial industry?","authors":"Hassnian Ali, A. Aysan","doi":"10.61351/mf.v1i1.67","DOIUrl":"https://doi.org/10.61351/mf.v1i1.67","url":null,"abstract":"The launch of the open AI chatbot, ChatGPT, in November 2022 has generated widespread excitement around Generative Artificial Intelligence (AI). While researchers have explored ChatGPT's ability to produce content and respond to input, our study takes a different approach and examines its use cases in the financial industry. We aim to understand what ChatGPT offers the financial industry and how it differs from existing banking and financial chatbots. Financial institutions can use ChatGPT for a variety of purposes, including customer engagement, personalization, up-selling and cross-selling, stock forecasting, product development, and financial education. By focusing on the potential of ChatGPT in finance, we hope to spark discussions about its applications in other domains and explore the possibilities of a larger revolution in the future. Finally, this study identifies the challenges associated with the use of Generative Open AI and LLMs-based chatbots in the financial industry and provides recommendations for addressing these challenges.","PeriodicalId":347908,"journal":{"name":"Modern Finance","volume":"14 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139264309","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Unconditional federal transfers and state government spending: The flypaper effect in Nigeria and South Africa 无条件的联邦转移和州政府支出:尼日利亚和南非的捕蝇纸效应
Modern Finance Pub Date : 2023-11-10 DOI: 10.61351/mf.v1i1.46
Abdurrahman Isik, Peter D. Golit, Paul Terhemba Iorember
{"title":"Unconditional federal transfers and state government spending: The flypaper effect in Nigeria and South Africa","authors":"Abdurrahman Isik, Peter D. Golit, Paul Terhemba Iorember","doi":"10.61351/mf.v1i1.46","DOIUrl":"https://doi.org/10.61351/mf.v1i1.46","url":null,"abstract":"The flypaper effect is undoubtedly among the most interesting concepts in subnational government spending behavior. This study is the first attempt to provide empirical evidence on the existence of the flypaper effect in the two largest economies in Sub-Saharan Africa: Nigeria and South Africa. Using the two-step system generalized method of moment’s estimator, our results show that the flypaper effect exists for both state and provincial governments in Nigeria and South Africa. Provincial governments in South Africa are found to be more responsive to positive changes in unconditional federal transfers than state governments in Nigeria. We therefore recommend sen­sitization on the receipt and disbursement of unconditional federal transfers. This will help reduce the illusion or information asymmetry about the use of unconditional federal transfers.","PeriodicalId":347908,"journal":{"name":"Modern Finance","volume":"124 23","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135137192","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
ChatGPT: Unlocking the future of NLP in finance ChatGPT:开启NLP在金融领域的未来
Modern Finance Pub Date : 2023-11-01 DOI: 10.61351/mf.v1i1.43
Adam Zaremba, Ender Demir
{"title":"ChatGPT: Unlocking the future of NLP in finance","authors":"Adam Zaremba, Ender Demir","doi":"10.61351/mf.v1i1.43","DOIUrl":"https://doi.org/10.61351/mf.v1i1.43","url":null,"abstract":"This paper reviews the current state of ChatGPT technology in finance and its potential to improve existing NLP-based financial applications. We discuss the ethical and regulatory considerations, as well as potential future research directions in the field. The literature suggests that ChatGPT has the potential to improve NLP-based financial applications, but also raises ethical and regulatory concerns that need to be addressed. The paper highlights the need for research in robustness, interpretability, and ethical considerations to ensure responsible use of ChatGPT technology in finance.","PeriodicalId":347908,"journal":{"name":"Modern Finance","volume":"10 5","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135271934","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Sustainable Development Goals and bank profitability: International evidence 可持续发展目标与银行盈利能力:国际证据
Modern Finance Pub Date : 2023-10-21 DOI: 10.61351/mf.v1i1.44
Peterson Ozili
{"title":"Sustainable Development Goals and bank profitability: International evidence","authors":"Peterson Ozili","doi":"10.61351/mf.v1i1.44","DOIUrl":"https://doi.org/10.61351/mf.v1i1.44","url":null,"abstract":"This article explores the impact of achieving the Sustainable Development Goals on bank profitability. The study considers multiple indicators of Sustainable Development Goals and bank profitability across 28 countries. The findings demonstrate that achieving specific Sustainable Development Goals leads to a significant improvement in bank profitability. More specifically, achieving good health and well-being leads to an increase in bank non-interest income. Providing clean water and sanitation for all also increases bank return on assets. On the other hand, taking strong action to combat climate change results in decreased bank return on assets. Additionally, attaining quality education and promoting affordable and clean energy sources lead to an increase in bank return on equity. The regional findings indicate that achieving the Sustainable Development Goals has varying impacts on bank profitability measures across banks in Europe, Asia, and Africa.","PeriodicalId":347908,"journal":{"name":"Modern Finance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135511180","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Determinants of non-performing loans in conventional and Islamic banks: Emerging market evidence 传统银行和伊斯兰银行不良贷款的决定因素:新兴市场证据
Modern Finance Pub Date : 2023-10-07 DOI: 10.61351/mf.v1i1.27
Md. Feroz Khan, Md. Sumon Ali, Md. Naiem Hossain, Mithun Bairagi
{"title":"Determinants of non-performing loans in conventional and Islamic banks: Emerging market evidence","authors":"Md. Feroz Khan, Md. Sumon Ali, Md. Naiem Hossain, Mithun Bairagi","doi":"10.61351/mf.v1i1.27","DOIUrl":"https://doi.org/10.61351/mf.v1i1.27","url":null,"abstract":"This study examines the determinants of non-performing loans (NPLs) among macroeconomic and bank-specific factors for the Islamic and conventional banking sectors in Bangladesh. We implement a dynamic panel data model with a two-stage system GMM for the period 2010-2021. Among the bank-specific factors, this study finds that return on assets, return on equity, bank size, and inefficiency help to reduce NPLs. In contrast, gross loan growth, leverage, and capital adequacy ratios contribute to increasing NPLs. Among macroeconomic determinants, inflation, and GDP growth have a significant negative impact on NPLs. Moreover, unemployment and exchange rates are also found to be significant determinants of NPLs. At the bank level, growth in gross loans reduces NPLs in Islamic banks, while the opposite is true for conventional banks. Our findings have significant implications for depositors and regulators in making appropriate decisions.","PeriodicalId":347908,"journal":{"name":"Modern Finance","volume":"165 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135302385","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Properties of returns and variance and the implications for time series modelling: Evidence from South Africa 收益和方差的性质及其对时间序列模型的影响:来自南非的证据
Modern Finance Pub Date : 2023-08-11 DOI: 10.61351/mf.v1i1.8
J. Szczygielski, Chimwemwe Chipeta
{"title":"Properties of returns and variance and the implications for time series modelling: Evidence from South Africa","authors":"J. Szczygielski, Chimwemwe Chipeta","doi":"10.61351/mf.v1i1.8","DOIUrl":"https://doi.org/10.61351/mf.v1i1.8","url":null,"abstract":"This paper investigates the properties of South African stock returns and the underlying variance. The investigation into the properties of stock returns and the behaviour of the variance underlying returns is undertaken using model-free approaches and through the application of ARCH/GARCH models. The results indicate that, as with other stock markets, returns on the South African stock market depart from normality and that variance displays evidence of heteroscedasticity, long memory, persistence, and asymmetry. Applying the EGARCH(p,q,m) and IGARCH(p,q) specifications confirms these findings and the application of these models suggests differing characteristics for variance structures underlying the South African stock market. In light of the findings relating to the properties of stock returns and the characteristics of variance and its structure, implications are outlined, and recommendations on how time-series specifications may be estimated are made.","PeriodicalId":347908,"journal":{"name":"Modern Finance","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133469424","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Is tail risk priced in the cross-section of international stock index returns? 尾部风险是否反映在国际股票指数收益的横截面上?
Modern Finance Pub Date : 2023-08-08 DOI: 10.61351/mf.v1i1.7
Aleksander Mercik
{"title":"Is tail risk priced in the cross-section of international stock index returns?","authors":"Aleksander Mercik","doi":"10.61351/mf.v1i1.7","DOIUrl":"https://doi.org/10.61351/mf.v1i1.7","url":null,"abstract":"This study examines the predictive power of tail risk measures in stock indices returns using a comprehensive dataset covering 50 countries from 1926 to 2021. Our findings reveal that tail risk measures exhibit predictive power when considered independently. However, their forecasting abilities disappear when other risk and return factors are incorporated. This suggests that tail risk measures do not contain incremental information about the cross-section of stock returns beyond the commonly used global factors. Our findings are robust across various considerations, holding for alternative tail risk measure types, estimation periods, and different control variables subsets.","PeriodicalId":347908,"journal":{"name":"Modern Finance","volume":"57 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123312697","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
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